Top 5 Countries With the Least Debt

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Common sense suggests that those countries or individuals with the least debt would be the richest. However, some countries with little public debt are very poor. Public debt includes all securities that a national government sells to the public when its spending exceeds revenue. In other words, all the money a national government borrows to cover its deficits, including that owed to international and domestic investors, and local and state governments.

5 Wallis and Futuna

The island group of Wallis and Futuna, which is a French territory near Australia, owes 5.6 percent of its $60 million GDP in public debt. Nowadays, 80 percent of the islands’ labor force earns their living from fishing or raising coconuts, vegetables and pigs. Some revenue also comes in from French government subsidies, South Korean and Japanese fishing license fees and expatriates working in New Caledonia.

4 Kosovo

The central Balkan country of Kosovo owes 5.5 percent of its GDP in public debt. Kosovo’s labor force numbers 800,000, about 65 percent of which works in the services industry. Another 22 percent are in industry, and 13 percent toil in agriculture. This small country has been torn between Albania and Serbia for centuries, and has seen too much bloodshed. It gained its most recent independence in 2008.

3 Oman

This oil-rich Arabian sultanate owes only 4.1 percent of its GDP of $76.46 billion. Oman has strong ties to Britain, although it was never a colony. Qaboos bin Said, the sultan, has modernized his country and opened it to outsiders more than his predecessors. Popular uprisings in other parts of North Africa and the Middle East inspired the citizenry of Oman to demand more political rights and economic benefits starting in 2011.

2 Libya

Libya bears a public debt load of only 3.5 percent, proving that you can keep debt down if nobody likes you enough to lend you money. This Northern African country is infamous worldwide for former dictator Muammar al-Qadhafi and the terrorist activities he supported. Libya’s small population and big oil activities—which generates about 80 percent of the GDP—mean the country has one of Africa’s highest per capita GDPs at $12,300. However, this hasn’t done impoverished citizens much good.

1 Liberia

Liberia owes only 2.6 percent of its gross domestic product to public debt. Compare this to Japan, Zimbabwe and Greece—the three biggest debtors—with 214, 187 and 157 percent, respectively. However, this West African country’s low debt is not due to fabulous money management. In 2010, Liberia got off the hook for $5 billion in debt as part of an international relief effort. Liberia’s recent past is bloody and corrupt, and its per capita GDP is only $700. Agriculture, palm oil processing, timber, diamonds and rubber processing aren’t enough to prevent 80 percent of Liberians from living below the poverty line.

Teresa Bergen writes about fitness, health, yoga, travel and the arts. She is the author of "Vegetarian Asia Travel Guide" and has written hundreds of articles for publications online and off. Bergen also teaches yoga, spinning and group fitness classes, and is an ACE-certified personal trainer.

0 thoughts on “Top 5 Countries With the Least Debt”

  1. what terrorist activities, i wouldnt be surprised if the evidence against him is nothing but assumptions and guess work. Every muslim is a terrorist to the west.The Amazing Things Moammar Gadhafi Did For Libya1. There is no electricity bill in Libya; electricity is free for all its citizens.2. There is no interest on loans, banks in Libya are state-owned and loans given to all its citizens at 0% interest by law.3. Home considered a human right in Libya ­ Gaddafi vowed that his parents would not get a house until everyone in Libya had a home. Gaddafis father has died while him, his wife and his mother are still living in a tent.4. All newlyweds in Libya receive $60,000 Dinar (US$50,000) by the government to buy their first apartment so to help start up the family.5. Education and medical treatments are free in Libya. Before Gaddafi only 25% of Libyans are literate. Today the figure is 83%.6. Should Libyans want to take up farming career, they would receive farming land, a farming house, equipments, seeds and livestock to kick-start their farms ­ all for free.7. If Libyans cannot find the education or medical facilities they need in Libya, the government funds them to go abroad for it ­ not only free but they get US$2,300/mth accommodation and car allowance.8. In Libyan, if a Libyan buys a car, the government subsidized 50% of the price.9. The price of petrol in Libya is $0.14 per liter.10. Libya has no external debt and its reserves amount to $150 billion ­ now frozen globally.Now the libyans are crying like little babies to the west “please accommodate us please provide us with food” well why did you even listen to these people in the first place. Now you begging for them for even the basic necessities. What a very sad story……………………

  2. Great Man-Made River project in Libya $27 billion. 11. If a Libyan is unable to get employment after graduation the state would pay the average salary of the profession as if he or she is employed until employment is found.12. A portion of Libyan oil sale is, credited directly to the bank accounts of all Libyan citizens.13. A mother who gave birth to a child receive US$5,00014. 40 loaves of bread in Libya costs $ 0.1515. 25% of Libyans have a university degree16. Gaddafi carried out the worlds largest irrigation project, known as the Great Man-Made River project, to make water readily available throughout the desert country.

  3. The reason the west punishes whistle blowers is because they are hiding some very bad stuff…………….they are doing very bad things on the underneath.

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